Non Resident Corporate Account With Latvia Bank Which Is Strongly Regulated With No Minimum Deposit And Accounts In Multi Currency.
Trying to open a non resident corporate account with this Latvian bank will be very difficult on your own. The Offshore Pro Group can ensure your new account is opened with our experience in international banking. This Latvian bank has a lot to offer you:
- Strongly regulated bank in Europe
- Your account can hold multiple currencies
- No minimum account opening deposit is required
- Advice on investing and investment services
- Applications can be made for credit cards and a debit card
- Secure Internet banking provides full account access remotely
- Account protection through the EU Deposit Guarantee Scheme
Make contact with us now using this email address [email protected] and we will help you through all of the necessary steps to open your international corporate account in Latvia. We will need more information from you so please complete our confidential questionnaire on this page Opening The Right International Corporate Account – Free Professional Advice.
The Jurisdiction Of Latvia For International Banking
One of three Baltic States in Northern Europe, Latvia borders Belarus, Estonia, Russia and Lithuania. The country became of full member of the European Union (EU) in 2004 and the nation’s population exceeds 2 million residents. Latvia is a democratic nation and has a parliamentary system of government.
Latvia has been categorized as a high income country by the World Bank and it appears on their global list. The economy of the nation is growing and has bounced back after a dip when the financial crisis took hold in 2008. It has one of the fastest growing economies of all EU member countries and its GDP per capita is now up at $25,740. The country has social and political stability too.
In the past Latvia was not transparent when it came to financial matters but now the government has taken this on board as a major initiative. The situation has vastly improved and recently Latvia made an agreement with the Organization for Economic Cooperation and Development (OECD ) to comply with the provisions of the Automatic Exchange of Information (AEoI).
The reputation of Latvia as a first class international banking center is another initiative that the government is working on. Laws have been made stricter and the regulator of banks and financial institutions, the Financial and Capital Market Commission (FCMC), has been active in enforcing new law changes and other financial regulations which has enhanced the reputation of Latvia for financial services.
Illegal monetary practices are strictly forbidden in Latvia and the FCMC has worked hard to eliminate money laundering and other illegal practices. The FCMC now monitors the activities of banks and financial institutions very closely. Any violations of laws will result in large penalties. The old penalties have been increased from 10% of the bank’s net income to 10% of the bank’s total turnover. The old maximum penalty of just over 140,000 Euros has been elevated to a maximum of 5 million Euros.
All of the above changes have improved the international banking reputation of Latvia. You can only make legal financial transactions in the banks today. Before these changes it was well known that hiding money in Latvian banks was a possibility. Those days are well and truly over. Today if you want to safeguard your assets and diversify and grow them then Latvia is a fine choice of jurisdiction.
When a new corporate account is opened in a Latvian bank it is automatically covered by the EU Deposit Guarantee Scheme because Latvia is a full EU member. The aim of this scheme is to provide protection for investors in the banks. Latvian banks are under strict regulations and there should be no chance that a bank could default. If it did default then the scheme will cover investor accounts up to a maximum of 100,000 (one hundred thousand) Euros (EUR). To learn more about the EU Deposit Guarantee Scheme please talk with your Offshore Pro Group expert.
This Latvian International Bank For Your Corporate Account
In 2001 this bank was granted a licence to be an international bank in Latvia. Year on year growth has been experienced by the bank and in 2015 its asset value increased by 7.3%. In the same year the bank recorded a profit of 6.7 million Euros and this was up on the year before by 7.6%. Expanding the customer base of the bank was another success in 2015 as the number of clients grew by 15.7%.
A reputable investment holding company owns 37% of the shares in the bank and is the largest shareholder. A large number of shares are also held by another bank and the remaining shares are owned by 5 private persons and 5 legal entities.
Focussing on their clients is one of the bank’s objectives and they are able to do this well through their highly trained and experienced staff members. The trained bank personnel will want to get to know you very well as soon as your corporate account is open. They will be eager to discuss your short, medium and long term business and financial goals and will recommend various financial products and services to help you achieve your goals.
This bank will provide you with a totally individual service. Service values at this bank revolve around flexibility, speed and competence. Bank employees will always give up their time to discuss financial matters with you and they will be flexible when it comes to your requirements. Decisions are made fast at this bank and so are banking operations. Expert advice will be available to you and the experienced staff will always seek to find the best solutions.
Corporate Account Services From This Bank In Latvia Including Investments
It will not be possible for you to open an international corporate account remotely with this Latvia bank. You will receive all the expert guidance that you need from us at the Offshore Pro Group, but you will need to travel to Latvia or the Ukraine and hold a meeting with banking officials to confirm your corporate account. The entire range of financial and advisory services will be offered to you after your corporate account has been confirmed.
Some clients like to make their own investment decisions but would still welcome the advice of seasoned professionals. The bank has an advisory service that will provide this. Tell your investment professional about the ideas you have for investing, and they will look at these and devise an optimal strategy which takes into account your tolerance of risk and return aims.
If you would sooner have the professional and experienced bank personnel develop an investment portfolio for you and then manage it you can have this too. Any investment strategies created will always take into account your return requirements and risk tolerances. Once your portfolio is established you will be able to monitor its performance.
Trading on the financial markets both locally (in Latvia) and internationally is also possible with this bank. The bank’s traders can submit deals on the regulated markets and they can even look for potential partners on the unregulated markets if this is of interest. For you to be able to make trades you must have a financial instruments account as well as a current account set up.
Facilities for term deposits also exist at the bank and accounts can be in Euros (EUR) or US Dollars (USD). The deposit terms are from three months up to one year. You have the choice of being paid interest earned every month or leave it running until the full term has been completed.
You will need a current account with your corporate account and these are available in multi currency format. With these accounts major world currency payments can be made. Normal withdrawals and deposits are permitted as well as currency conversions and fund transfers. You will receive regular statements that include all current account transactions.
A good way to diversify part of your assets is through investment in precious metals. An account can be opened and you will be able to make purchases of gold, silver, platinum and palladium. If you are interested in the purchase or sale of real estate, then the bank offers escrow services for this.
To manage your corporate account at any time and from any place you can use the secure Internet banking service the bank provides. This online banking service will allow you to get statements of your account, check on currency rates, view account balances and make deposits. Orders can be sent to the bank if you have a financial instruments account and you can monitor your investment portfolio as well with the Internet banking service.
Debit cards and credit cards are available for you to apply for. The debit card has the Maestro branding and this will provide you with a lot of purchasing power. You will also be able to withdraw cash with this card from ATM’s. The MasterCard range of credit cards are available as a business card, gold card or world elite card which all offer different advantages to you.
There is no minimum deposit requirement when you open a non resident corporate account with this Latvia bank. You will not be required to keep a minimum balance in your corporate account as well. Although there is no minimum balance requirement, it makes sense to avoid unnecessary bank charges by maintaining an amount of money in your corporate account.
When you make transactions in your account the bank will charge you a fee for this and oftentimes these fees are modified. You should avail yourself with the latest list of fees, and this can be obtained from your Offshore Pro Group consultant. The consultant can also help you to negotiate the very best fee structure for your account.
This Procedure Is Tried And Tested So Please Follow It To Ensure Your Latvian Corporate Account Is Opened
This procedure has been used many times successfully to open non resident corporate accounts so please take the actions described here in the order given:
- The first action is to establish contact with us at the Offshore Pro Group using our email address [email protected] so that we can start to advice you professionally on what to do to open your international corporate account. The second action is to provide full information to us confidentially by answering all of the questions that can be found on this page International Banking Experts Advise On The Selection Of The Right Non Resident Corporate Account.
By having only a single international corporate account you face possible risks. These risks can be alleviated if an additional international corporate account is opened. Please see with a second international corporate account you will alleviate a lot of risk.
- We will be delighted to provide our expert services to you so that you can be certain of having a new non resident corporate account opened in Latvia. We will provide our services to you for a single fee of just 599 EUR. When it comes to payment options you can use a credit card, Western Union, Money Gram, Bitcoin, a bank transfer or Web Money.
- Documents must be supplied in Russian, Latvian or English (or certified translations in one of the languages) so that your non resident corporate account can be set up. The following corporate documents must be provided:
- Legal entity confirmation document such as the Certificate of Incorporation or Formation that bears a seal of the state institution
- Copy of the Articles of Association
- Copy of the Register of Shareholders or other document verifying company owner(s) also shareholders list or register
- A copy of the minutes of a meeting or a power of attorney document that verifies representative powers
- If the company is over a year old then a certificate of good standing copy is required
- Beneficial owners must provide copy of identification document
- The owner of the company must provide a financial welfare document
The bank may also request that you provide a series of admissible documents. Pleased discuss this with your Offshore Pro Group consultant.
There is a requirement that you travel to Latvia or the Ukraine and conduct a meeting with officials from this bank. This must be done before your non resident corporate account can be confirmed.
Please send the corporate documents to us and we will check them to make sure that they meet with the bank’s requirements. Once your meeting with bank officials has been held the Latvian bank will require approximately 5 working days to have your international corporate account operational.
Act right away and get an email over to us at [email protected] and we will start work straight away on your Latvian non resident corporate account.